LBI Real Estate Weekly Sales Update 7/10/2022-7/17/2022: It was a relatively slow week for overall activity in the LBI real estate market with only 37 changes to the market, but the inventory of homes for sale improved! This is welcomed news for buyers, especially since the last few weeks saw a reduction in the number of homes for sale on Long Beach Island NJ. You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame. To give a quick summary:
15 new listings entered the market with an average price of $1,781,993
10 listings went under contract with an average listing price of about $1,736,500
There is a lot of concern about a drastic fall in home values across the LBI real estate market and elsewhere. While we cannot entirely rule out this as a possibility, it is crucial to understand that the data and facts point to a very different scenario in the Long Beach Island and national real estate market. It is easy to conclude that the rapid rise in home values will lead to an equally dramatic price crash (i.e., a real estate bubble like we saw in 2008), but this is a very different market. There are two principal distinctions between this market and the market 15 years ago: inventory and lending standards.
LBI Real Estate Weekly Sales Update 06/19/2022-06/26/2022: There were only 52 changes to the Long Beach Island real estate market this week, which is a bit of a decline in the overall market activity. As we enter the traditionally slower summer months, we can expect to see a more significant decrease in activity thanks to the changes in the financial markets worldwide. That said, the LBI real estate market is strong and this week showed more pending sales than new listings on the market. You can review all the active, pending, sold, and withdrawn listings that are or were for sale on Long Beach Island in the given time frame. To give a quick summary:
12 new listings entered the market with an average price of $2,667,742
13 listings went under contract with an average listing price of about $2,411,377
There are a lot of questions in the financial world right now. Inflation is out of control, gas prices are through the roof, and interest rates are rising. This has left a lot of buyers and sellers wondering what the future holds for the Long Beach Island real estate market and the national real estate market in general. It seems clear that we are either in or are heading into a recession caused mainly by inflation. In this kind of environment, history has shown us that real estate tends to perform very well. Despite higher borrowing costs, there are many reasons to be optimistic about the future of the LBI real estate market. To understand the current state of the market and make some predictions on where the market is heading, we have to know if the market will appreciate, depreciate, and to what degree we will see a change.
Buying a home in the LBI real estate market is an exciting process, but it can also be confusing. Having the correct information is a crucial step to a successful purchase. One of the essential resources in the LBI real estate market is the lender. Understanding financing options in the LBI real estate market can help you save a great deal of money with the right interest rate and the correct type of loan.
Unfortunately, buying or selling a home in the Long Beach Island real estate market can open consumers up to fraud and theft. Nowhere is this more possible in the course of an LBI real estate transaction than in the form of wire fraud. Most funds are sent via bank wires from deposits to final payouts, and criminals are becoming better and better at fooling buyers and sellers alike. All consumers in the LBI real estate market should be aware of wire fraud and understand how to protect themselves from it.
There is no question that the LBI real estate market is seeing tremendous activity and that we are in a seller’s market…but that market is starting to change. Buyers and sellers alike know how strong market conditions are for sellers in the LBI real estate market. The low inventory and high demand favor sellers. Even in this competitive market, the fundamentals of price and marketing still matter, and all sellers should understand what this kind of market means on Long Beach Island.